Elliott Wave intraday analysis: USD/JPY is correcting before resuming lower [Video]
|Short Term Elliott Wave USDJPY suggests that the pair is developing a bearish sequence from 07.03.2024 high. The decline made a double correction Elliott Wave structure. Down from 07.03.2024 high, wave A ended at 155.36 low. Rally in wave B ended at 157.86 high with internal subdivision as zig zag structure. Then, the pair resuming lower completing wave C at 151.93 low which ended wave (W) in higher degree.
USDJPY turned higher in wave (X) connector ending at 155.22 high. Down from wave (X), the pair continued forming the double correction structure. Wave A of (Y) ended at 148.50 low and wave B bounce ended at 150.89 high. Final leg lower as wave C ended at 141.66 which completed wave (Y) and ((W)) in higher degree. The current rally is in progress expecting to continue higher as wave ((X)) correction. Near term, we are calling an impulse structure as wave (A) that ended at 148.22 high. Now, the pair is developing wave (B) pullback. This retracement could end in 145.43 – 144.08 area to then continue higher in wave (C) of ((X)). Once wave ((X)) structure is finished, we are expecting the pair to continue lower in wave ((Y)).
USD/JPY 60 minutes Elliott Wave chart
USD/JPY Elliott Wave [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.